China's consumer market showed signs of stabilization in September as core inflation continued its upward trajectory, according to data released by the National Bureau of Statistics (NBS). While headline consumer prices dipped slightly year-on-year, analysts highlight the sustained growth in non-food and energy sectors as a key indicator of economic resilience.
Key Figures Signal Structural Shifts
The core Consumer Price Index (CPI), excluding volatile food and energy prices, grew 1.0% year-on-year – its fifth consecutive monthly increase. This contrasts with a 0.3% annual decline in the broader CPI, which saw a modest 0.1% month-on-month rise. Industrial data revealed parallel trends, with the Producer Price Index (PPI) showing a narrowed 2.3% annual decline as factory-gate prices stabilized.
Implications for Global Observers
For investors tracking Asia's largest economy, the data suggests:
Strengthening domestic demand in service sectors
Improved pricing power for manufacturers
Potential policy adjustments to maintain growth momentum
The NBS emphasized that 'market supply-demand relationships continue to optimize,' particularly in industrial sectors where PPI declines have eased by 0.6 percentage points since August.
